In a bid to diversify its financial services, Flipkart is making a renewed and strategic entry into the insurance sector. Unlike its previous attempt in 2018, which saw limited success and was primarily tied to Bajaj Allianz, this time the e-commerce giant is taking a different route.
What Happened? According to a report by YourStory, collaborating with Mumbai-based insurtech firm, Coverfox Insurance, Flipkart is leveraging a “plug-and-play” model this time around. This approach not only offers agility but also a rapid rollout.
The partnership enables Flipkart to present a broad spectrum of insurance products to its vast 200 million monthly active users. From comprehensive vehicle and health insurance to niche policies covering specific ailments and accidents, the range is expansive.
More flexibility, more promise: The beauty of this alliance lies in its flexibility. Coverfox, an established insurance aggregator, already has ties with over 40 insurance companies. This gives Flipkart an edge, allowing users to compare and choose from a plethora of options, a feature often sought by insurance buyers.
In a nutshell, Flipkart’s latest foray into the insurance domain, bolstered by its association with Coverfox, appears to be a well-calculated move. It’s a blend of strategic partnership and market understanding, promising a brighter outlook than before.
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